- Cautious sentiment results in thin trading
- Finished steel prices slip by INR 150/t w-o-w
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, rose by INR 100/tonne (t) d-o-d to INR 38,200/t DAP on 26 June. On a weekly basis, prices remained stable, supported by moderate demand across semi-finished and finished steel segments, despite minor price fluctuations.
A mill owner informed BigMint, “The Mandi Gobindgarh market traded within a narrow range throughout the week. Buyers and sellers maintained a cautious approach, resulting in thin transaction volumes and delayed deal closures. The absence of any significant movement in finished steel prices prevented aggressive restocking, while suppliers also refrained from offering material at lower levels, keeping scrap prices broadly supported.”
Raw-material, steel market trends
Sponge iron prices in Mandi remained stable d-o-d at INR 29,700/t DAP and softened by INR 300/t w-o-w. Pig iron prices in Ludhiana remained steady d-o-d at INR 41,600/t DAP and were up INR 150/t w-o-w amid moderate buying seen in the region.
In the steel segment, ingot prices in Mandi remained unchanged d-o-d and w-o-w at INR 42,900/t. Rebar ex‑works prices inched down by INR 100/t to INR 47,400/t d-o-d and declined by INR 150/t on the week.
Upcoming scrap auctions
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,500-4,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $339/t, approximately INR 34,300/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 32,700/t DAP. Indicative prices of shredded from Europe stood at $385/t CFR Nhava Sheva.
Raipur sponge iron-billet spread: The conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at INR 14,750/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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